Notes to SEFA
Title: Value of Federal Awards Expended
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the Federal assistance activity of Charter School Financing Partnership, LLC and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The value of Federal awards expended under this program is the total of a) amount in the credit enhancement reserves, debt service reserves, and grant reserve funds at the beginning of the year ($13,232,215), plus b) any earnings on the reserve accounts ($140,829).